13F-HR 1 aic13f3qtr08.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE "Report for the Quarter Ended: September 30, 2008 Check here if Amendment [ ]; Amendment Number: ________ This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Argus Investors' Counsel, Inc. Address: Holly Pond Plaza, 1281 E. Main St. 1st fl Stamford, Connecticut 06902 13F Filing Number: 28-542 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all requirements, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Stewart P. Zobian Title: President Phone: (203) 316-9000 Signature, Place and Date of Signing: /s/Stewart P. Zobian Stamford, Connecticut October 14, 2008 [Signature] [City, State] [Date] Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ) 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None FORM 13F SUMMARY PAGE Report Summary: Number of other included Managers: None Form 13F information Table Entry Total: 376 Form 13F information Table Value Total: 418080000 List of other included managers: None Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. (None) FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Co Com COM 88579Y101 8324 121850 SH SOLE 121850 Abbott Labs Com COM 002824100 9688 168260 SH SOLE 168260 Air Prods & Chems Inc Com COM 009158106 8231 120175 SH SOLE 120175 Alcoa Inc Com COM 013817101 6456 285935 SH SOLE 285935 American Express Co Com COM 025816109 6541 184630 SH SOLE 184630 Amgen Inc Com COM 031162100 10556 178100 SH SOLE 178100 Archer Daniels Midland Com COM 039483102 6365 290485 SH SOLE 290485 Automatic Data Process Com COM 053015103 9493 222055 SH SOLE 222055 Becton Dickinson & Co Com COM 075887109 10659 132810 SH SOLE 132810 Caterpillar Inc Del Com COM 149123101 8357 140225 SH SOLE 140225 Cisco Sys Inc Com COM 17275R102 8329 369190 SH SOLE 369190 Coca-Cola Co Com COM 191216100 873 16500 SH SOLE 16500 Dell Inc Com COM 24702R101 7053 427955 SH SOLE 427955 Disney Walt Co Com COM 254687106 9338 304280 SH SOLE 304280 Dow Chem Co Com COM 260543103 7481 235400 SH SOLE 235400 Emerson Elec Co Com COM 291011104 8628 211530 SH SOLE 211530 Exxon Mobil Corp Com COM 30231G102 8997 115848 SH SOLE 115848 Fedex Corp Com COM 31428X106 7679 97150 SH SOLE 97150 Gannett Inc Com COM 364730101 4356 257585 SH SOLE 257585 General Dynamics Corp Com COM 369550108 10204 138600 SH SOLE 138600 General Elec Co Com COM 369604103 6657 261066 SH SOLE 261066 Home Depot Inc Com COM 437076102 8349 322470 SH SOLE 322470 Illinois Tool Wks Inc Com COM 452308109 8688 195465 SH SOLE 195465 Ingersoll-Rand Company Cl A COM G4776G101 6733 216005 SH SOLE 216005 Intel Corp Com COM 458140100 8985 479700 SH SOLE 479700 International Bus Mach Com COM 459200101 12500 106870 SH SOLE 106870 International Paper Co Com COM 460146103 7268 277635 SH SOLE 277635 JP Morgan Chase & Co Com COM 46625H100 3990 85433 SH SOLE 85433 Johnson & Johnson Com COM 478160104 11472 165595 SH SOLE 165595 Kimberly Clark Corp Com COM 494368103 9871 152235 SH SOLE 152235 McDonalds Corp Com COM 580135101 13275 215150 SH SOLE 215150 McGraw-Hill Cos Inc COM 580645109 6322 200000 SH SOLE 200000 Microsoft Corp Com COM 594918104 8517 319110 SH SOLE 319110 Morgan Stanley Com COM 617446448 5059 219940 SH SOLE 219940 Nucor Corp Com COM 670346105 6091 154200 SH SOLE 154200 Pepsico Inc Com COM 713448108 10284 144290 SH SOLE 144290 Pfizer Inc Com COM 717081103 7352 398685 SH SOLE 398685 Procter & Gamble Co Com COM 742718109 11521 165314 SH SOLE 165314 Qualcomm Inc Com COM 747525103 10499 244330 SH SOLE 244330 Royal Dutch Shell Plc Spons AD COM 780259206 608 10300 SH SOLE 10300 Schlumberger Ltd Com COM 806857108 8643 110675 SH SOLE 110675 Staples Inc Com COM 855030102 10753 477900 SH SOLE 477900 Stryker Corp Com COM 863667101 10063 161530 SH SOLE 161530 Time Warner Inc Com COM 887317105 6803 518925 SH SOLE 518925 US Bancorp DE Com COM 902973304 11451 317900 SH SOLE 317900 Unilever NV NY COM 904784709 9238 328070 SH SOLE 328070 Union Pac Corp Com COM 907818108 11492 161490 SH SOLE 161490 Valero Energy Corp Com COM 91913Y100 409 13500 SH SOLE 13500 Verizon Communications Com COM 92343V104 7714 240381 SH SOLE 240381 Wal-Mart Stores Inc Com COM 931142103 11467 191470 SH SOLE 191470 Walgreen Co Com COM 931422109 8401 271350 SH SOLE 271350